Fundraising Fox
Pale Fire Capital
Private equityPrague · Seed–Late Stage · 8 people tracked
Find your way into Pale Fire Capital
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Investment thesis
Pale Fire Capital invests in and builds technology and e-commerce businesses, entering strong companies as a long-term investment partner. It provides both capital and hands-on strategic support across expansion, digitalization, management building and further growth, drawing on operating experience from having built companies such as ePojisteni.cz, Favi and Aukro. The firm writes checks of roughly CZK 10M to 500M and aims to grow projects at least tenfold, leveraging central teams in marketing, HR and finance. It has built more than 20 companies expanding beyond the Czech Republic and Slovakia into Poland, Germany, the US, Spain, the UK, Italy, Romania, Hungary and Croatia. It also devotes a share of portfolio value to supporting nonprofits.
Source: firm website, verified Aug 3, 2026.
Team · 8 people
from the firm's website & curated
Founder mafia
3 people who came through Pale Fire Capital went on to found or lead other companies.
What they invest in
from 16 of 21 portfolio companiesMarketplaces ×6SaaS ×6E-commerce ×4Hardware ×3Fintech ×2Retail Tech ×2Travel & Hospitality ×2AdTech ×1
HQs:Czechia×9Spain×1Poland×1Slovakia×1
Who they back
founder profiles across 8 portfolio companiesFounding team size:solo founder×72 founders×1
Investments · 21 tracked
founders shown can be your intro path
Groupon operates a marketplace connecting consumers with discounted deals from local and national merchants across restaurants, beauty services, travel, entertainment, and retail products.
E-commerceMarketplacesRetail Tech
Andrew Mason(Founder)inDusan Senkypl(Chief Executive Officer)inJiri Ponrt(Chief Operating Officer)inRana Kashyap(Chief Financial Officer)in
Co-investorsAccelAndreessen HorowitzBattery VenturesInterlace VenturesMaveronNew Enterprise Associates (NEA)+4 more
Zuri develops hybrid-electric uncrewed cargo vertical take-off and landing (VTOL) aircraft, with plans to expand toward a certified six-seater passenger variant.
Deep TechHardwareMobility & TransportationPrague, CZ
Michal Illich(Founder)in
ACOND designs and manufactures air-to-water heat pumps, including its Grandis, PRO, and Aconomis product lines, using R290 refrigerant and scroll or rotary compressors.
CleantechEnergyHardware
AGDATA provides software for farm management and precision agriculture.
AgTechSaaS
Jiří Jirásko(Founder)in
Arpem operates an online insurance comparison platform that lets consumers compare prices and coverage across more than 25 insurers, with a focus on car insurance.
FintechInsurTechMarketplaces
DAVINCI is a B2B online platform that automates group accommodation bookings for tour companies at large hotels across Europe, replacing traditional email and phone-based reservation processes.
B2B MarketplacesSaaSTravel & HospitalityPrague, CZ
Co-investorsReflex Capital
FLY.PL is a Polish travel agency offering holiday packages and destination guides for leisure travelers, covering destinations such as Turkey, Greece, North Macedonia, and Bulgaria.
ConsumerTravel & Hospitality
Co-investorsPrelude Growth Partners
itrinity builds and acquires profitable niche SaaS products, operating a portfolio of tools with millions of users worldwide.
Enterprise SoftwareSaaSBratislava, SK
Peter Hrbacik(Founder)inMartin Toma(CoFounder)inMichal Aftanas(CEO)in
LitFin provides litigation funding for medium and large-scale disputes, focusing on damages claims from follow-on competition law cases as well as group litigations, arbitrations, and insolvency proceedings.
FintechLegalTechPrague, CZ
MUNIPOLIS (formerly Mobilní rozhlas) provides a communication platform for municipalities and local governments to reach citizens via SMS, email, and app notifications, along with tools for official websites, surveys, participatory budgeting, and an AI assistant.
GovTechSaaS
An insurance comparison platform founded in 2019 that simplified insurance selection and achieved market leadership in Poland.
Co-investorsIPR.VCMMC VenturesSequoia CapitalWhite Star Capital
Scuk is a Czech online marketplace for locally produced food, connecting small and mid-sized Czech farmers and producers directly with consumers.
E-commerceFoodTechMarketplaces
Kamil Demuth(Founder)in
Co-investorsMITON
Valuo is a Czech online platform that estimates real estate prices for apartments, houses, cottages and land using cadastre data and analysis of comparable sales.
Data & InfrastructurePropTechSaaS
Radek Šitera(Founder)in
Zwift is an indoor cycling and training app that connects to smart trainers and dedicated smart bikes, letting cyclists ride, train, and compete virtually with others.
GamingHardwareSports Tech
Eric Min(Founder)in
Co-investorsCauseway PartnersHighland EuropeHiro CapitalTrue.Amazon Alexa FundNovator+2 more
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
Munipolis
Exits · 1
1 IPOsGroupon, Inc.NASDAQ: GRPN
Frequently asked questions
- How many investments has Pale Fire Capital made?
- Pale Fire Capital has 21 tracked investments, 1 of which have exited.
- What stage does Pale Fire Capital invest at?
- Pale Fire Capital invests at the Seed, Growth, Late Stage stages.
- What is Pale Fire Capital's typical check size?
- Pale Fire Capital typically writes checks of $450K – $22M.
- What sectors does Pale Fire Capital focus on?
- Pale Fire Capital focuses on Consumer, E-commerce, Fintech, Marketplaces, SaaS.
- Where is Pale Fire Capital located?
- Pale Fire Capital is headquartered in Prague, CZ.
- Does Pale Fire Capital lead rounds?
- Yes, Pale Fire Capital leads investment rounds.
- Who does Pale Fire Capital co-invest with?
- Pale Fire Capital most often shares deals with Accel, Andreessen Horowitz, Battery Ventures, among 14 tracked co-investors.
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